Saturday, May 12, 2012

Oil-Rich Iran Reports Big Gulf Gas Find

Iran is reporting a large natural gas findin the Persian Gulf--the Kish field, near Kish island. The field contains at least 66 trillion cubic feet of natural gas, according to Iran, 26 trillion cubic feet more than previously estimated.

Iran's oil reserves are the third largest in the world at approximately 150 billion barrels--about 10% of the planet's total proven petroleum reserves. Iran is the world's fourth largest oil producer and OPEC's second-largest producer after Saudi Arabia.

Notwithstanding its incredible oil and gas resources, Iran is developing nuclear energy--at great economic and political costs.